Zepto aims to use the funding to expand its 10-minute hyperlocal delivery network nationwide. Here are the top-line bullets you need to know.
Zepto, a grocery delivery service provider, has raised $60M in a Series A. The round drew participation from Nexus Venture Partners, Global Founders Capital, Glade Brook Capital, and Y Combinator, among others.
How’s the company performing?
- India-based Zepto enables delivery of groceries in under 10 minutes through its app. The company has established dark stores — retail-stores-turned-fulfillment-centers — across the cities in which it operates to optimize its fast delivery capabilities.
- The startup has reportedly experienced a monthly growth rate of 200%, which has been supported by a robust product infrastructure, an efficient team, and access to institutional capital.
- The company currently has 40 dark stores across Mumbai, Bangalore, and Delhi. Over the next 30 days, it plans to expand into Kolkata, Pune, Hyderabad, and Chennai, bringing its dark store count to more than 100.
- Zepto’s employee base consists of roughly 300 corporate employees, including former executives from Pharmeasy, Pepperfry, Flipkart, Uber, and others.
Source: Zepto
Why does the market matter?
- The global logistics market is projected to grow at a CAGR of 6.5% and reach a value of $13T by 2027, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market growth as well.
- The global supply chain and logistics technology segment witnessed more than 400 deals in 2020.
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